Octopus Go Cheaper than 2yr Fixed?

roakes

My Octopus fixed tariff is up at the end of the month, so I switched to the new 2yr fixed tariff which has an electricity rate of 20.19p/kwh, which is an increase from the 15.30p/kwh from my current expiring tariff.

I had been looking into the EV market as I plan to get an EV next year and that lead me to take a look at Octopus Go, which I will certainly be switching over to once I get my EV.

However, I noticed that the Octopus Go daytime unit rate is 15.64p/kwh, which would be cheaper than the fixed rate tariff I'm moving to, and of course there's the even cheaper 5.00p/kwh overnight rate.

With all this in mind, wouldn't it be sensible to switch to Octopus Go now, even if I don't have an EV? I'd be getting a cheaper daytime rate and we could do things like running the tumble dryer at night to cut costs further. Or am I missing something?

Neil_Jones

From the Octopus website:  ""Can I use my cheap charging period for anything other than charging my car?"Of course! During this four hour period [12:30am-4:30am], any electricity you use will be charged at 5p / kWh. So go nuts! If you have an immersion heater, heat your water; charge anything with a battery; take a 2am soak in your secret hot tub...""

It's just a twist on Economy 7, only for four hours.  Smart meter required of course.

[Deleted User]

If you have a smart meter with HH monitoring already set up, then go for it. You can also ask for an invite to Go Faster which offers other starting times and offpeak costs. For example, I get 5 hours at 5.5p/kWh staring at 8.30pm.

roakes

Yeah I realise, I guess the real question is, is the lower daytime rate too good to be true? I know it's not a dual-fuel tariff, so I'd have to get a separate gas tariff, but that's more of an inconvenience than a financial downside

MWT

roakes said:

Yeah I realise, I guess the real question is, is the lower daytime rate too good to be true? I know it's not a dual-fuel tariff, so I'd have to get a separate gas tariff, but that's more of an inconvenience than a financial downside

When Octopus have answered that question in various places they have pointed out that they have hedged sufficiently to support those products, so although I have no idea what will happen in a years time, they are not risking the company by offering those rates now.

[Deleted User]

roakes said:

Yeah I realise, I guess the real question is, is the lower daytime rate too good to be true? I know it's not a dual-fuel tariff, so I'd have to get a separate gas tariff, but that's more of an inconvenience than a financial downside

Why is it that people are so focussed on dual fuel tariffs when separate suppliers often offer a cheaper annual fuel cost? 

niktheguru

It’s not too good to be true. I’ve been trying to tell everyone and anyone that octopus go faster is nearly unbeatable at the moment as the peak rates haven’t been increased at the same rate as other tariffs across the board. Switch to it quick before the tariff changes!!

roakes

niktheguru said:

It’s not too good to be true. I’ve been trying to tell everyone and anyone that octopus go faster is nearly unbeatable at the moment as the peak rates haven’t been increased at the same rate as other tariffs across the board. Switch to it quick before the tariff changes!!

I signed up last night

niktheguru

roakes said:

niktheguru said:

It’s not too good to be true. I’ve been trying to tell everyone and anyone that octopus go faster is nearly unbeatable at the moment as the peak rates haven’t been increased at the same rate as other tariffs across the board. Switch to it quick before the tariff changes!!

I signed up last night

make sure you've contacted smart@octopus.energy and asked to go on "octopus go faster". and not just the standard "go" tariff. 
The current sweet spot tariff in my opinion is the 5hr off peak at 5.5p/kwh, starting at 8.30pm, allowing you to do your washing/drying/dishwasher etc in the evening at the cheaper rate (and of course charging your car if you have an EV!) rather than moving things to the middle of the night!

roakes

niktheguru said:

roakes said:

niktheguru said:

It’s not too good to be true. I’ve been trying to tell everyone and anyone that octopus go faster is nearly unbeatable at the moment as the peak rates haven’t been increased at the same rate as other tariffs across the board. Switch to it quick before the tariff changes!!

I signed up last night

make sure you've contacted smart@octopus.energy and asked to go on "octopus go faster". and not just the standard "go" tariff. 
The current sweet spot tariff in my opinion is the 5hr off peak at 5.5p/kwh, starting at 8.30pm, allowing you to do your washing/drying/dishwasher etc in the evening at the cheaper rate (and of course charging your car if you have an EV!) rather than moving things to the middle of the night!

Done, thanks for the heads up

gypsymoth

niktheguru said:

roakes said:

niktheguru said:

It’s not too good to be true. I’ve been trying to tell everyone and anyone that octopus go faster is nearly unbeatable at the moment as the peak rates haven’t been increased at the same rate as other tariffs across the board. Switch to it quick before the tariff changes!!

I signed up last night

make sure you've contacted smart@octopus.energy and asked to go on "octopus go faster". and not just the standard "go" tariff. 
The current sweet spot tariff in my opinion is the 5hr off peak at 5.5p/kwh, starting at 8.30pm, allowing you to do your washing/drying/dishwasher etc in the evening at the cheaper rate (and of course charging your car if you have an EV!) rather than moving things to the middle of the night!

Hello

Could you clarify how long the fix is pls? Not obvious on the Octopus website and I want at least a year if possible

Just need to find a gas supply then I can bin Igloo!

Thanks